Mutual Benefits Assurance Plc (Group) has grown its total assets to N92.95 billion at the end of 2022 financial year as against N83.78 billion in 2021, indicating a 10.5 percent increase, despite the challenging environment.
Akin Ogunbiyi, chairman, speaking at the Company’s 27th Annual General Meeting in Lagos said the company’s balance sheet was influenced by insurance contract liabilities, which grew by 11.21 per cent from N23.46 billion in 2021 to N26.09 billion in 2022.
According to him, investment contract liabilities also grew by 11.02 per cent from N30.18 billion in 2021 to N33.51 billion in 2022, while shareholders’ funds increased by 16.12 per cent from N18.41 billion in 2021 to N21.38 billion in 2022.
He said the Group recorded a 14.27 percent growth in Gross Premium Written (GPW) from N29.30 billion in 2021 to N33.4 billion in 2022.
According to him, this was driven by a 17.29 percent growth GRW in life insurance business, from N12.01billion in 2021 to N14.09 billion in 2022 and a 12.17 percent increase in non-life business from N17.28 billion in 2021 to N19.39 billion in 2022.
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Ogunbiyi said the implementation of various investment strategies resulted in an increase in the investment income by 60.60 percent from N1.46 billion in 2021 to N2.34 billion in 2022.
These investment strategies resulted in the Group’s operating profit of N3.49 billion in 2022 as against the loss of N5.54 billion in 2021 caused by the negative impact of the economic variables on the investment outlook of fair valued financial instruments, he said.
He said the year 2023 holds great hope for the insurance industry in Nigeria with lots of opportunities, adding that life business will continue to lead the growth as the industry unleashes the locked potential in our population for premium generation.
The increase in the minimum rate for motor insurance business, he said is also expected to boost growth n genera business.
Ogunbiyi informed that the Group would go live on the new core insurance software in 2023, stressing that this milestone will mark the conclusion of the implementation of the firm’s ICT Transformation program (Project Efficiency).
The project, he noted is aimed at improving the business processes and increasing productivity. “Also, we are enthusiastic about the progress we have made in the implementation of IFRS 17 and we remain committed to meeting up with
Olufemi Asenuga, managing director/ CEO, Mutual Benefits Assurance Plc speaking on the future prospects said the board and management expects all her business lines to deliver growth and profitability in the 2023 financial year.
“We remain confident in the medium and long-term prospects for a stronger and better-positioned Mutual Benefits Assurance Plc.”
To the shareholders Asenuga said, “You have kept fate with us, you have persevered with hopes of returns in the form of dividends. I am not impervious to your yearnings. My colleagues and I continue to work towards meeting and surpassing your expectations in the coming years.”
